China Economic Watch: Tax Take Sees Slowest Pace in 3 Years

Tax Take Sees Slowest Pace in 3 YearsChina's tax incomes grew 10.3% to ¥2.59 trillion in Q1 2012, the Ministry of Finance said. The quarterly growth rate, the slowest in three years, was held back by decreased personal income taxes and taxes related to the cooling real estate industry.

Telecoms Investment to Top ¥500b in 2012China's fixed asset investment in the telecommunications industry is expected to reach ¥370 billion and total investment is to reach ¥500 billion in 2012, the Ministry of Industry and Information Technology predicted.

Big 4 Banks Lend ¥295b in MarChina's largest four state-owned banks extended a combined ¥294.62 billion in loans in March, ¥259.25 billion more than in February, preliminary data from the central bank have shown. Total bank lending was ¥1.01 trillion in March. The four lenders' total deposits increased ¥1.95 trillion last month to ¥40.87 trillion as of the end of March.

Pharmaceutical Revenue to Grow 23% in 2012Revenue from China's pharmaceutical industry is projected to rise 23% and gross profit is to rise 18% to 19% this year, according to an industry summit. The nation's pharmaceutical industry reported ¥1.52 trillion in revenues and ¥157.7 billion in gross profits in 2011, up 28.8% and 23.2% respectively from the year before.

Shanghai's Growth Slows to 7% in Q1Shanghai's gross domestic product grew 7% year on year to ¥459.4 billion in Q1 2012; the rate was the slowest nationwide and 1.5 percentage points slower than in Q1 2011, the city's statistics bureau said. Output from the secondary sector, which grew 4.4%, explains the slowing economy, the bureau added.

$1 = ¥6.3

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